Distilled Analytics Releases New Predictive Identity Platform
Solution can identify risk and speed new customer onboarding.
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Distilled Analytics has released Distilled IDENTITY, a new approach to predictive identity that helps institutions verify and validate people. Benefits include more accurate anti-money laundering (AML) and know-your-customer (KYC) compliance solutions to ease the burden of managing burgeoning and conflicting regulatory requirements. Distilled IDENTITYalso offers greater security, resolution, and simplicity for the end user.
Research shows that risk management and other costs tied to AML compliance have risen more than 50 percent in just the last few years. Current AML and KYC solutions are largely limited to verification of consumer-provided documentation, leaving financial institutions with verification identity theft, fraud, and the limitations of antiquated identity resolution. McKinsey estimated financial services compliance costs exceed $270 billion per year and BCG estimated AML/KYC compliance alone is more than 20 percent of the cost to run a bank. Distilled IDENTITY applies advanced biometrics and predictive analytics from MIT, University of Oxford, and Imperial College researchers to enhance authentication, verify customer identity, and improved match capabilities using new data sources and methods. The system provides for continuous authentication in the background, improving both security and convenience for end users.
Distilled Analytics founder and chief executive David Shrier notes that “Current solutions can have a bad-actor identification rate of as low as 2 percent to 30 percent when conducting a screen. We create the potential for 99+ percent continuous identification using multi-model biometrics. Our predictive identity solution also enables banks and other financial institutions to share mission-critical information without compromising user security or personal privacy, a material improvement over other technologies available today.”
In addition to corporate customers and financial institutions such as banks, governments may also be interested in the solution. Says Shrier, “Identity is a keystone capability that unlocks numerous benefits to the global population. With over one billion people in the world lacking a legal identity, and billions of personal records stolen for the purpose of identity theft, we need to reinvent the system to better serve the poor and dispossessed, and better secure the developed world at the same time. From reducing voter fraud to improving the ability to deliver services to those who need it most, a better identity system means a better world.”
More information is available at www.distilledanalytics.com.